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May 25th, 2004:

Daily Mail: Vanishing reserves

May 25th, 2004
by John Donovan.
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Daily Mail: Vanishing reserves

By Alex Brummer

25 May 2004

CAN anyone be sure of Shell? The blue-chip oil giant has been forced to cut its oil reserve levels for the fourth time this year as it has come under pressure from regulators and auditors to clean up its accounts.

As a result, the company has had to jettison several key executives, including former chairman Sir Phil Watts, has lost its ‘triple A’ topgrade investment rating, and suffered enormous reputational damage.

If it wants to salvage its reputation, it has no time to lose in unifying and streamlining its British and Dutch boards. read more

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Reserves Crisis Flares At Shell

May 25th, 2004
by John Donovan.
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Ananova.com: Reserves Crisis Flares At Shell

 

The reserves crisis at Shell has resurfaced with the oil giant restating its stocks for the fourth time this year.

 

Shell shocked the City by announcing ahead of its annual report on Friday that it was lowering its reserves by a further 120m barrels.

 

The downgrade relates to royalties paid on properties in Canada and means that Shell’s accessible stocks are now 4.47bn barrels lower than previously thought at the start of 2004.

 

The latest downgrade was due to accountancy policy changes and would have no impact on its reported cash flows, the company said. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell cuts reserves for fourth time

May 25th, 2004
by John Donovan.
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The Times: Shell cuts reserves for fourth time

 

Posted 25 May 2004

 

Shell has, for the fourth time this year, downgraded its estimate of its proven oil reserves, citing the need to comply with North American accounting practice.

 

The Anglo-Dutch company said that stocks equivalent to 103 million barrels of oil would be reclassified to lower grades. The move reflected the book-keeping treatment of royalties paid in Canada, Shell said.

 

The revision takes to 4.47 billion barrels of oil the level of reserves which have been removed from Shell’s 2002 register of readily accessible stocks. The revisions – representing more than 20 per cent of Shell’s reserves – have prompted a string of investigations from authorities including the Securities and Exchange Commission and the threat of lawsuits from disgruntled US investors. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Legal Director ‘kept in the dark’

May 25th, 2004
by John Donovan.
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The Times: Shell Legal Director ‘kept in the dark’

25 May 2004

BEAT HESS, the legal director to Royal Dutch/Shell, has revealed that he was kept in the dark about the looming crisis over the booking of oil reserves until the eleventh hour. In his first interview since Shell was plunged into a major difficulty after admitting it had overstated its reserves, Hess has confirmed that it was not until late last year that he became aware of the problem. (Legal Week)

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell shock will be hard to dispel

May 25th, 2004
by John Donovan.
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The Times: Shell shock will be hard to dispel

 

25 May 04

 

SIR PHILIP WATTS may be expecting that his lawyers can prise a farewell of £1 million or more out of Shell but the company should refuse to hand it over until he hands back the missing oil.

 

Two restatements of reserves might be embarrassing but four just makes an organisation look inept. Yesterday’s latest revision from the company admitted that a staggering 4.47 billion barrels have vanished. Even a Saudi sheikh would notice if that much oil went missing. For Shell, whose accounts will now show proven reserves of only 14.35 billion barrels, a loss on this scale is, as the accountants would put it, significant. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Toronto Star: Oil giant Shell downgrades reserves again

May 25th, 2004
by John Donovan.
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Toronto Star: Oil giant Shell downgrades reserves again

25 May 2004

LONDON—The Royal Dutch/Shell Group of Cos. downgraded the size of its proven oil and gas reserves yesterday for the fourth time this year as the oil giant continued to stumble over a scandal that shocked the markets and forced the resignation of three top executives.

The company, which stunned shareholders in January when it announced its reduced confirmed oil and gas holdings by 20 per cent, or 3.9 billion barrels, said it was downgrading another 103 million barrels from “proven” to less certain categories. Shell blamed the reduction on accounting changes involving “royalties paid in cash in Canada.” Combined with two other announcements since January, it brings the total of downgraded reserves to 4.47 billion barrels, the company said. The latest announcement comes ahead of the release of the annual report on Friday.
 read more

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Shell forced to make fourth downgrade

May 25th, 2004
by John Donovan.
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The Guardian: Shell forced to make fourth downgrade

 

Terry Macalister

Tuesday May 25, 2004

 

Oil stocks reduced again – as are 2003 profit figures

 

The reserves scandal that has been dogging Shell all year was back on centre stage yesterday as the company downgraded its figures for the fourth time.

The Anglo-Dutch group, which has already ousted three of its most senior directors, also cut the 2003 annual profit figures it published three months ago.

 

The 2001 profit figures have been reduced, too, in the set of accounts now finally signed off by the auditors. This means the delayed annual report can be published on Friday. Talks with American regulators on all these figures have still not been finalised, Shell admitted. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Daily Telegraph: Shell slices still more off proven reserves

May 25th, 2004
by John Donovan.
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Daily Telegraph: Shell slices still more off proven reserves

 

By Christopher Hope (Filed: 25/05/2004)

 

Shell yesterday cut its oil and gas reserves for the fourth time in under five months and admitted it could not rule out further cuts.

                                                                     

The company also confirmed that it had not yet decided the final pay-offs for Sir Philip Watts and Walter van der Vijver, the former chairman and chief executive who resigned over the scandal. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell restates 2002 reserves for the fourth time

May 25th, 2004
by John Donovan.
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Financial Times: Shell restates 2002 reserves for the fourth time

 

By Clay Harris and Andrea Felsted

Posted 25 May 04

 

Royal Dutch/Shell on Monday restated its proved oil and gas reserves at the end of 2002 for the fourth time this year.

 

The latest revision, largely reflecting a change in the accounting treatment of reserves in Canada, was smaller and more technical than previous restatements but increased the total reduction from 4.35bn to 4.47bn barrels.

 

The Anglo-Dutch group announced the revision and accounting changes ahead of the publication of its annual report on Friday, two months later than normal. The accounts will show proved reserves of 14.35bn barrels at the end of 2003, equal to 10.2 years of production. Its reserve replacement ratio was 63 per cent in 2003. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell accounts get signed off at last

May 25th, 2004
by John Donovan.
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Financial Times: Shell accounts get signed off at last

By Clay Harris

May 25, 2004

Any embarrassment Royal Dutch/Shell might have felt yesterday at having to go public for the fourth time this year with a new and lower figure for its proved oil and gas reserves was overshadowed by a sense of relief – even elation.

The Anglo-Dutch group’s 2003 accounts were finally signed off with an unqualified opinion by its auditors, and the annual report at long last had gone to the printers.

Even if the timetable was two months behind Shell’s usual financial year, the company had met its revised deadline.
 read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Call to UK companies on risk controls

May 25th, 2004
by John Donovan.
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Financial Times: Call to UK companies on risk controls

 

By Jane Croft, Retail Banking Correspondent, in London

May 25, 2004 

 

All UK listed companies may soon be required to demonstrate the quality of their internal controls to their auditors for the first time, according to new proposals.

 

The Financial Services Authority, which is the UK’s financial regulator, believes auditors should be required to review 10 key audit and accountability areas included in the UK’s Combined Code on Corporate Governance.

 

The most important of these will be reviewing a company’s internal risk controls, which measure the reliability of a company’s financial reporting and risk management. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell cuts oil reserves for fourth time

May 25th, 2004
by John Donovan.
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ChannelNewsAsia.com: Shell cuts oil reserves for fourth time

 

Posted 25 May 04

 

LONDON: Royal Dutch/Shell restated its oil reserves for the fourth time this year.

 

The Anglo-Dutch group cut its proven reserves by an extra 120,000 barrels, taking the total reduction since January to 4.47 billion barrels, or over 20 percent.

 

Proved reserves as of the end of 2003 now stand at 14.35 billion barrels.

 

The latest change was linked to royalties paid on properties in Canada, Shell said in a statement Monday ahead of its annual report due to be published on Friday. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

BBC News: Shell trims back reserves again -Can Shell draw a line under the scandal?

May 25th, 2004
by John Donovan.
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BBC News: Shell trims back reserves again -Can Shell draw a line under the scandal?

 

Posted 25 May 04

 

Beleaguered oil firm Shell has unveiled yet another cut in its oil reserves but said it does not expect to have to do so again.

 

The firm said it was removing 4.47bn barrels of oil from its 2002 reserves; its last estimated cut was 4.35bn.

 

It is the fourth time the Anglo-Dutch oil giant has had to restate its reserves since January.

 

Investor anger has led to the departure of three of Shell’s top executives, including chairman Philip Watts.

 

Shell’s share price tumbled in January this year when it first stunned investors by cutting its oil and gas reserves by 20% read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Australian Financial Review: Shell makes more reserve revisions

May 25th, 2004
by John Donovan.
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Australian Financial Review: Shell makes more reserve revisions

 

Tom Cahill  

May 25

 

Royal Dutch/Shell Group, Europe’s second-largest oil company, cut oil and gas reserves for the fourth time, seeking to conclude revisions that led to the ousting of senior executives and the loss of its top credit rating.

 

Shell will reduce reported reserves by 4.47 billion barrels of oil equivalent as of 2002, which is 120million more than a previous estimate of 4.35 billion barrels.

 

Shell said the latest reduction followed a change in the way it recognised holdings in Canada. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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